Certain to be a highlight not only of Stacks Baltimore Auction, but also of American numismatic sales of the entire year, is this fabulous 1797 half dollar in MS-66 (NGC). Not only does that make it a landmark, but the eye appeal is beyond comparison. Few early American silver coins of any denomination can come close to it in beauty.

A truly breathtaking example of the Draped Bust, Small Eagle half dollar designed by the Philadelphia Mint’s early engraver Robert Scot. It was a highlight of the famed Farish Baldenhofer, Norweb and Haig Koshkarian Collections, where it attracted intense and richly deserved bidder interest.

The 1796 and 1797 half dollars are the scarcest regularly issued silver type coins of the United States, their specific mintage is something of a mystery with 3,918 reported struck of both dates combined. Researchers debate the number of survivors, with the Overton-Parsley reference suggesting 100 to 300 of the combined dates still in existence; half dollar specialist Lano Balulescu, 75 to 200; David Lange, about 100 survivors of both dates combined. (See Jon P. Amato, “Surviving 1796-97 Draped Bust Half Dollars and Their Grade Distribution,” John Reich Journal, February 2005.

High-grade examples of either date are notoriously elusive. An occasional prooflike Mint State 1796 half dollar can be located, but the same cannot be said for 1797. Only a few pieces of Mint State quality are known, with only the former Lelan Rogers coin—a piece that brought over $500,000 at public sale in 1995—in close competition with the coin featured here for “finest known” honors.

The present Norweb specimen was purchased in Stack’s November 1955 sale of the Farish Baldenhofer Collection, where it was described as: “1797. A superb example of this very rare date. The finest striking we have ever seen. We cannot conceive that this specimen could be excelled. The coin was purchased as a Proof, however to conservatively grade it we will call it prooflike surface, definitely one of the first coins to leave the dies. Perfectly centered at deep milling, perfect color. All the requisites that the advanced and critical collector desires. . . a real prize!”

The Koshkarian cataloguer noted the Baldenhofer-Norweb descriptions, adding “in Uncirculated preservation, never mind being prooflike, the 1797 half dollar is virtually unknown. Here is a marvelous exception, a classic coin which will be forever remembered as one of the great legendary rarities of the Norweb Collection.”

“Hallmarking” this specimen for all time is a nearly circular lint mark just above Liberty’s cleavage. The inevitable adjustment marks, characteristic of all precious metal coins of this first decade of U.S. Mint operation are confined to the extreme reverse periphery with no interruption of the central devices as so often seen.

This is without any question the rarest type of the entire American silver series, frequently omitted from even advanced type sets, and when included often found in wretched, holed or damaged condition.

In 1988 when the collection of Ambassador and Mrs. R. Henry Norweb was offered by Bowers and Merena, the 1797 half dollar was one of its foremost features. Successful bidder was Dr. Haig Koshkarian, who received the personal congratulations on the spot from Q. David Bowers and others of the company conducting the historic sale. The piece then represented its type in the Haig Koshkarian Collection as either the finest known specimen or one tied for that honor, a commentary on the overall condition included in the Doctor’s notable collection. This example was the prize of three historic collections and is inarguably one of the most desirable 18th-century U.S. coins extant.

The NGC Census offers independent corroboration of this extraordinary coin’s exquisite preservation: it has certified only one example in MS-66 with none finer.

From ANR’s sale of the Dr. Haig Koshkarian Collection, March 2004, Lot 76); previously Bowers and Merena’s sale of the Norweb Collection, November 1988, Lot 3027; Stack’s sale of the Farish Baldenhofer Collection, November 1955, Lot 676.

Below is a commentary that Dave Bowers wrote for The Official Red Book of United States Type Coins, which mentions this specimen:

A Discussion of the Early Half Dollars

Half dollars, first struck in 1794, have been produced more or less continuously until the present time. Today this is one of four denominations being produced on a fairly regular basis, the others being the cent, nickel, dime, and quarter. Curiously, ever since the advent of the Kennedy half dollar (1964) and the disappearance of silver coins, half dollars have been scarcely seen in the channels of commerce, although they continue to be struck. Probably a good part of the reason for this is that ubiquitous coin-operated machines typically take either dollar bills or quarters and smaller change, not usually half dollars. In traveling around the country I have found in recent times that a year or more can elapse without getting a half dollar in change.

The first United States half dollars were produced in 1794, were of the Flowing Hair design, and were immediately popular, as evidenced by the fact that most in existence today are well worn. In this particular year an effort was also made to produce silver dollars, but the largest press at the Mint was not of sufficient capability, and the dollars made had severe problems, including light striking. The matter of dollars was given up, and half dollars became more important, at least for a short time.

In the first year, 1794, 23,464 Flowing Hair half dollars were made, as compared to only 1,758 silver dollars. In 1795 the production of half dollars of this design rose to 299,680. Then in mid-1795 new equipment was set up, and production of silver dollars commenced strongly (with 160,295 being made). Such silver coins were produced specifically on the request of depositors of this metal. Once silver dollars became a reality, the demand for half dollars dropped precipitously, as the dollars were easier to store and count.

Because of this, in 1796 and 1797 only 3,918 half dollars were produced. These were of a new design, combining the Draped Bust obverse with the Small Eagle reverse. Examples from this limited-production era are of great numismatic rarity and importance today, indeed the most elusive type in the entire silver series save for the 1839 Gobrecht silver dollar. “A thing of beauty is a joy forever,” Keats wrote. “Its loveliness increases; it will never pass into nothingness.”

One of my pleasures as a young rare coin dealer in the 1950s was knowing Emery May Holden Norweb, one of the most knowledgeable collectors of all time, and a grand lady. She lived well, and I visited her lakeside home in Bratenahl (near Cleveland), her large but very comfortable residence at River House in New York City, and her summertime oceanside home in Boothbay Harbor, Maine.

After her passing and that of her husband, Ambassador R. Henry Norweb, the family called me, and I and other professionals on my company’s staff were soon busy at work (really a pleasure) cataloguing numismatic treasures. One of my great favorites was a superb gem 1797 half dollar, certainly a “joy forever.”

The buyer at the sale was Dr. Haig Koshkarian, of Southern California. About 15 years later he consigned his collection to American Numismatic Rarities, where I had the chance to enjoy it all over again. Indeed, its loveliness seemed to increase in the years between the two catalogues! I have had my share of other great half dollars of the 1796-1797 type, but the Norweb coin in particular will always remain special to me, a joy forever.

This coin will be sold in Stacks July 28th, 2008 Baltimore Auction as Lot 4261